Puts Purchased on First BanCorp (FBP)

Shares of First BanCorp (NYSE: FBP) ended the session higher by 54.34%, trading at $0.649. The stock jumped higher today when it announced that it had signed an agreement with the U.S. Treasury department on its exchange of preferred stock. Options traders were buying puts on the name today, though. The July $2.50 put was purchased 1,150 times on open interest of 1,462 contracts; there was also put buying, in smaller lots, on the $2.50 strike in all months. Put volume is now running at 5.2x the daily average.FirstBanCorp, is a publicly owned financial holding company. The company provides a range of financial services for retail, commercial and institutional clients. As of December 31, 2009, the Corporation controlled three wholly owned subsidiaries: FirstBank, FirstBank Insurance Agency, Inc. and Grupo Empresas de Servicios Financieros.